New Delhi(WEB TEAM): Prime Minister Narendra Modi on Thursday launched three mega flagship schemes aimed at transforming urban India, including the much talked about Smart Cities proposal, with a whopping Rs 4 lakh crore kitty having been lined up for the projects.

Modi also unveiled logo of the housing mission, which has his personal touch in the finalisation of its design.

Speaking at the event, Modi said, “The decision to make cities smart will be taken not by governments but by the people of the city, the local administration. Let there be competition between cities in development so that smart cities come up.”

“Private property developers should not decide how a city should grow; it should be decided by residents and city leadership,” said Modi

He further added, “Many people are wondering about what exactly Smart City is. But one does not need to think a lot. Smart city is a city that provides more than what a citizen expects. Before he wants it, we provide it.”

Stating that this is the first time in India we are planning to develop 60 cities simultaneously, Modi aadded, “This is not just a paper based programme. Stake holders of all kinds have been consulted, including financial world. This Government is committed to safeguarding the rights of the consumers at all times.”

The Smart City and AMRUT projects will draw Rs 48,000 crore and and Rs 50,000 crore, respectively, in central grants over five years,

Housing-for-All by 2022 will see the government spend about Rs 3 lakh crore in the next seven years as it aims to construct 2 crore affordable houses in urban areas for slum dwellers and people from economically-weaker sections and low income groups.

Under the housing scheme, interest subsidy of 6.5 per cent on housing loans with tenure up to 15 years will be provided to EWS and low income groups, giving them a benefit of about Rs 2.3 lakh each.

AMRUT seeks to ensure basic infrastructure for 500 cities with a population of above one lakh.

Ensuring water supply to each household, sewer connections, sanitation and solid waste management, provision for roads and public transportation beside implementation of reforms in urban governance would be the focus under the scheme.